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Singapore condo resale volume up 17% in March: SRX

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The number of Singapore condominium units resold in March increased 17 per cent to 709 units from 606 units in February, according to flash estimates from real estate portal SRX Property.

THE number of Singapore condominium units resold in March increased 17 per cent to 709 units from 606 units in February, according to flash estimates from real estate portal SRX Property.

However, the resale volume was 13 per cent lower versus a year ago and down 21 per cent from the five-year average volume for the month of March.

By region, 57.5 per cent of the month's volume came from the outside central region (OCR), 22.9 per cent from rest of central region (RCR) and 19.6 per cent from the core central region (CCR).

OrangeTee and Tie's head of research and consultancy Christine Sun said the higher sales could be due to deals that had been closed earlier in the year, or were near completion before the Covid-19 crisis escalated in late-March.

Meanwhile, resale prices edged up 0.1 per cent in March from February and were 0.4 per cent higher than the year-ago period.

OCR recorded a 1.3 per cent monthly increase in condo resale prices for March while RCR prices dipped 1.7 per cent and CCR edged down 0.1 per cent.

Year on year, OCR prices increased 0.7 per cent, RCR fell 0.8 per cent and CCR rose 1 per cent.

The highest transacted price for a resale unit in March was S$10.5 million at The Ritz-Carlton Residences. In RCR, the most expensive resale unit was at Pebble Bay for S$4.4 million while in OCR, it was a Flamingo Valley unit resold for S$3.3 million.

The overall transaction over X-value (TOX) in March stayed flat at negative S$2,000 versus February.

TOX measures how much a buyer is overpaying (positive value) or underpaying (negative value) for a property based on SRX's computer-generated market value. The data includes only districts with more than 10 resale transactions.

District 9 (Orchard and River Valley) recorded the highest median TOX at positive S$40,000, followed by District 8 (Farrer Park and Serangoon Road) at positive S$35,000.

The lowest median TOX was recorded in District 20 (Ang Mo Kio, Bishan and Thomson) at negative S$62,000, followed by District 15 (East Coast and Marine Parade) at negative S$30,000.

Ms Sun noted that impact from the Covid-19 outbreak has probably not been reflected in March's numbers.

ERA Realty's head of research and consultancy Nicholas Mak said the March figures point to the underlying strength of the local real estate market and that under normal circumstances, real estate prices and transaction volume would be rising robustly.

ERA Realty expects the resale volume in April to be a fraction of the typical monthly volume of 600 to 900 units, Mr Mak added.

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